The major forces driving the industrial analytics market are beginning of the fourth industrial revolution - industry 4.0, advent of Industrial Internet of Things (IIoT), and introduction of advanced data analytics techniques. The industrial analytics market is growing rapidly because of the transformation from traditional industrial Business Intelligence (BI) techniques for analyzing industrial data to advanced techniques and massive surge in the volumes of structured and unstructured data.

Customer analytics software is expected to grow at the highest CAGR

Industrial analytics tools comprise various software, including operational analytics, risk analytics, financial analytics, marketing analytics, customer analytics, and workforce analytics. Customer analytics is expected to witness growth at the highest CAGR during the forecast period, among all industry analytics software. Customer analytics provides an organization with a consolidated and real-time picture of a customer’s buying behavior and preferences. Businesses capitalize on this information, which helps in creating campaigns that target audience more accurately and gain a better understanding of effectiveness of marketing efforts.

Manufacturing vertical is estimated to have the largest market size in 2017

The industrial analytics market is also segmented into various industry verticals. Out of them, the adoption of industrial analytics is expected to be the highest in the manufacturing vertical. The benefits of using industrial analytics in the manufacturing vertical are to gain a competitive advantage by improving the efficiency across the product life-cycle and providing a relationship between decision-making and Return on Investment (ROI).

North America is expected to dominate the industrial analytics market during the forecast period

North America is estimated to hold the largest share of the industrial analytics market in 2017, due to technological advancements and early adoption of analytics solutions in the region. The market in APAC is expected to grow at the highest CAGR between 2017 and 2022. The primary driving forces for this growth are increasing technological adoption and huge opportunities across industry verticals in APAC countries, especially India, China, and Japan.

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